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This generation of parents are spending more time with their babies and children than ever before, including spending the time to plan and prepare joint activities for them to participate in, for example, whilst 42% will only buy a new toy monthly, over 54% will spend time colouring or drawing with their baby daily.
They are also facing more pressure than ever before; faced with house prices rising well in excess of salary levels and living costs generally soaring more mums are returning to work, and in fact more mums with preschool children are working full-time than in any previous generation.
As finances are squeezed and time increasingly precious, we see parents prepared to make sacrifices (such as shopping at cut-price supermarkets) to enable them to have more experiences and ‘make memories’ with their children.
As Brand also becomes less important to this generation of parents, and own-brand items continue to demonstrate popularity by exceeding quality expectations, there are going to be tough times ahead for ‘middle of the road’ brands.
When purchasing products, parents seek items designed with their on-the-go, cost-conscious lifestyles; car-seats that can be used as buggies, rocking seats that evolve into highchairs but also want an efficient purchasing process, thus we see the preference amongst parents for click & collect partnerships or ‘one-click’ orders delivered next day.
It really has never been so critical for companies to differentiate their offering and be able to engage with a parent’s whole ecosystem.
Millennial parents don’t only want a different consumer experience, they demand and expect it. Just as the media landscape is fragmenting and we see the high street and retail also in the process of significant shift, we believe there is ‘tech-tonic’ movement (see what we did there?) on the horizon that will blur many traditional boundaries.
Companies that are not actively seeking to track and develop in line the changing terrain will surely fall through the cracks.